On February 14, the Karamay regulatory branch of the China Banking and Insurance Regulatory Commission disclosed two letters of decision on administrative punishment, punishing PICC Property Insurance Karamay branch for illegal acts such as preparing false information to obtain funds, fabricating insurance intermediary to obtain fees, and giving premium rebates other than those agreed in the insurance contract.
After investigation, PICC Property Insurance Karamay branch has the following violations: first, it prepares false materials to obtain funds. From September 2020 to February 2021, PICC Property Insurance Karamay branch falsely listed 489736.45 yuan of publicity fees and obtained 458720.45 yuan of funds for other purposes.
Second, fictitious insurance intermediary arbitrage fees. From September 2020 to March 2021, PICC Property and casualty insurance Karamay branch used 10 insurance agents to obtain 4543150.51 yuan of handling fees by falsely listing insurance intermediary business.
The third is to give the policy holder premium rebates other than those agreed in the insurance contract. From September 2020 to December 2020, the Karamay branch of PICC Property Insurance received a total of 1265866.24 yuan of commercial vehicle insurance premiums from 55 operating fleets, of which 126400 yuan was returned to the policyholder in cash through the customer value-added service provider.
Based on this, the Karamay regulatory branch of the China Banking and Insurance Regulatory Commission ordered the Karamay branch of PICC to make corrections and impose a fine of 640000 yuan; At that time, Chen Dong, deputy general manager (presiding over the work) and general manager of PICC Property and casualty insurance Karamay branch, was directly in charge and was warned and fined 130000 yuan; Zhou Yu, then general manager assistant and deputy general manager of PICC Property and casualty insurance Karamay branch, was directly responsible for the above violations and was warned and fined 100000 yuan.
